Two financial services experts have joined the advisory board of fraud prevention and detection technology firm Breach Clarity. David Eads and Ben Wallach bring versatile and experienced perspective to a growing dialogue around the need for new strategies to combat threats posed by mounting data breaches.
This month, Eads and Wallach will join the now seven-member board, which is charged with guiding Breach Clarity’s executive team through several phases of growth, including product refinement and new business and partnership development.
Breach Clarity is primarily focused on delivering its platform to credit unions and banks that have placed a strategic emphasis on digital engagement and fraud prevention. Data breach and financial crime incidents are expected to rise significantly following the COVID-19 pandemic, in-part due to increased vulnerabilities around remote working. According to Breach Clarity co-founders Jim Van Dyke and Al Pascual, financial providers will bear the brunt of those losses.
To the Breach Clarity advisory board, Eads brings a deep understanding of the banking and credit union technology industry. A software developer and serial entrepreneur, he has built multiple solutions designed to help banks and credit unions grow while keeping the customer experience top of mind. Eads is the founder of Mobile Strategy Partners (now Xtensifi) and was a co-founder and CEO of Gro Solutions Inc., a digital sales platform acquired by Q2 Holdings in 2018.
Wallach, a cyber and fraud executive with decades of experience in the financial services market, spent the first 25 years of his career advancing financial services companies in technology, operations and line of business leadership. His combined cross-domain experience culminated largely in the protection of assets and funds movement at three of the top six U.S. financial institutions. After transforming some of the largest fraud functions and convergence initiatives in the U.S., Wallach today dedicates his expertise to addressing complicated challenges of fraud, financial crime and cyber risk across the broader financial services ecosystem. He is a member of the board of directors for The Knoble, a FinCrime professional network, and serves as an advisor to Vocalize Inc., a digital marketing technology firm, and Premier Enterprise Media Services, a consulting service for early-stage startups.
Breach Clarity’s flagship product, Premium for Financial Services, analyzes specific data breaches impacting a financial institution’s customers. The patent-pending algorithm underpinning the Breach Clarity platform analyzes 1,188 data points to assess the specific risks stemming from a breach. It factors the types of personally identifiable information (PII) exposed in any particular breach to pinpoint most-likely fraud risks. The platform generates recommendations that allow both the financial institution and the consumer to take targeted, effective action to prevent financial losses.
To accommodate the drastic increase in COVID-19 related fraud, Breach Clarity has announced a streamlined version of Premium called PremiumNOW that radically simplifies and shortens implementation for financial institutions. The firm is also waiving all per-user costs through October 2020.